No pawnbroker shall charge, receive or demand interest for any loan in excess of five percent per month or fraction of a month on the unpaid principal. In addition to such rate of interest, the licensee may make, as a total charge for the storage of pledged articles held as security for a loan, a sum not exceeding two dollars ($2.00) per month or fraction of a month for all pledged articles held as security for a loan, to be agreed to in writing at the time the loan is made. In instances where the licensee is to deliver or forward the pledged article by express or parcel post, the licensee shall be allowed an additional charge of three dollars ($3.00), plus the actual cost of shipping. The unearned interest and charges shall not be deducted or paid in advance and interest shall be computed on the unpaid balance and shall not be compounded.
(ORC 4727.06)